Loading...
HomeMy WebLinkAbout171 - 12/16/1980 - AUTHORIZING THE DIRECTOR OF FINANCE TO ESTABLISH A SHORT TERM LINE OF CREDIT NOT TO EXCEED $350,000 ORDINANCE NO 171 , 1980 OF THE COUNCIL OF THE C= OF FORT COLLINS AUTHORIZING THE DIRECTOR OF FINANCE TO ESTABLISH A SHORT TERM LINE OF CREDIT NOT TO EXCEED $350,000 00 AND APPROPRIATING SAID LINE OF CREDIT TO THE STREET OVERSIZING FUND WHEREAS, the City of Fort Collins is presently engaged in a street oversizing project through which significant costs will be incurred for street oversizing improvements completed prior to December 31, 1980, and WHEREAS, it is anticipated street oversizing revenues for 1980 will be less than the cost of street oversizing improvements completed prior to December 31, 1980, and WHEREAS, it is anticipated that a short term line of credit not to exceed $350,000 00 will provide the City of Fort Collins with sufficient funds to pay for street oversizing improvements completed prior to December 31, 1980, and WHEREAS, it is anticipated that any short term borrowing engaged in by the City of Fort Collins for the purpose of funding street oversizing improvements shall be retired during 1981, at which time, it is anticipated that revenues from a sales tax revenue bond issue shall be available, and WHEREAS, pursuant to Section 20 2 of Article V of the Charter of the City of Fort Collins, the City is permitted to borrow funds on a short term basis in anticipation of revenues NOW, THEREFORE, BE IT ORDAINED BY TE THE COUNCIL OF THE CITY OF FORT COLLINS as follows Section 1 That the Director of Finance of the City of Fort Collins be, and hereby is, authorized to uur row on a short term basis on behalf of the City of Fort Collins a sum of money not to exceed $350,000 00 at a variable interest rate, and to issue short term notes to evidence the amount so borrowed It is the intent of the Council of the City of Fort Collins that to the extent possible, the amount so borrowed shall be repaid from revenues received from street oversizing fees If street oversizing fees are insufficient to repay the amount so borrowed, other funds of the City may be utilized to pay the difference The amount so borrowed shall be payable in full within twelve months The amount so borrowed pursuant to this Ordinance may, at the discretion of the Director of Finance, be represented by a line of credit with the principal amount not to exceed the sum or $350,000 00 Section 2 That there is hereby appropriated for expenditure in the Street Oversizing Fund any and all funds obtained pursuant to the short term line of credit herein authorized Introduced, considered favorably on first reading and ordered pub- lished this 18th day of November 1980, and to be presented for final passage on tFe_T6th day of December 1 0 00.�\3 L C.��, ATTEST %Gjv,.L )L ity Clerk Passed and adopted on final reading this 16th day of De ber 1980 May ATTEST �,Wlwll�k ity Clerk -2- i.